The Bros go IPO. Dutch Bros, the Grants Pass, Oregon-based coffee company has announced that they will be going public in hopes of raising $100 million.
As reported by Barrons, the coffee brand is expected to be listed on the New York Stock Exchange under the ticker BROS. Though the total number of shares expected to be listed or their price has yet to be disclosed, Dutch Bros are hoping to use the IPO to reach a $3 billion valuation.
The brand has seen a rapid growth in the past few years. Back in 2018, a minority stake in the drive-thru chain was sold to TSG Consumer Partners, the same firm that initially invested in Stumptown in 2011. At the time, Dutch Bros had around 300 locations in seven states but had its eye on jumping up to 800 locations over the next five years. Per Barrons, as of June 30th—around 2.5 years since the TSG investment—the total number of locations has jumped to 471 (264 franchises and 207 company-owned) across 11 states in the Pacific Northwest, South, and Southwest, including the first locations in Texas and Oklahoma. The company currently employs 16,500 individuals.
Per Barrons, the company reported a net income increase of nearly 11% to $5.8 million for the first half of 2021. During that same amount of time, revenue went up 51% to $228 million.
There are no details on when Dutch Bros will officially list on the NYSE. Once they do, the brand is expected to continue their expansion plans. Or at least perhaps it will allow the brand to hire Mackelmore AND Ryan Lewis.